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Property developer jailed

Property developer Kypros Kyprianou, owner of Famagusta Developers, has been sentenced to sixty months imprisonment after being found guilty of charges relating to forgery and theft.

Cyprus property developer jailedEARLIER today, the Famagusta District Court sentenced property developer Kypros Kyprianou to five years in jail on charges relating to forgery and theft.

Kyprianou, the owner of Famagusta Developers, was sentenced to two years imprisonment in March after being found guilty in a fraud case involving the double-selling of a maisonette near Paralimni lake in late 2006.

According to the Police, the court also imposed a fine of €6,000 on the company Famagusta Developers, which is in liquidation.

The court found Kyprianou guilty on numerous charges involving fraudulent transactions, forging documents, circulation of forged documents and theft by proxy.

The offences were committed between 2006 and 2009 which were investigated by the police following numerous complaints from Cypriots and foreigners who were duped.

The company’s office in Protaras was targeted by bombers twice in less than five months in 2010 and 2011.

In late 2011, an order was issued for the winding up of the company after it was deemed “unable to pay its debts” by the Famagusta District Court.

Kyprianou spent most of the 1990s in prison for fraud offences after his company, Kyprianou Estates, which operated throughout the 1980s, was reported for selling the same property twice.

He fled the island before the police investigation was complete but was arrested in Germany and extradited to Cyprus where he was jailed. He was released in 2000 and later went on to set up Famagusta Developers.

Readers' comments

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  • Spirit of Odd Job Bob says:

    A feeble gesture that says A LOT!

    Denton is completely correct; the unequivocal message is this: ‘You are able to get away with anything you like here as long as you’re one of us. If you break OUR rules (we don’t know what internal rules he broke, the crimes he committed have nothing to do with it), we will offer you as a sacrifice to the baying expat public, partially appeasing their longing for justice. However, as you are still one of us, we’ll give you a slap on the wrist. Be this a warning for ALL apple-cart rockers (especially if you want to put your head above the parapet for altruistic reasons).

    And you come to my house on the day of my daughter’s wedding and don’t even call me Godfather…’
    OK, analogy taken too far but you know what I mean…

  • Deanna says:

    “Kyprianou spent most of the 1990s in prison for fraud offences after his company, Kyprianou Estates, which operated throughout the 1980s, was reported for selling the same property twice.”……..

    The question has to be asked: why was he allowed to register again as a property developer?

  • richard says:

    Feeble gesture that smacks of far too little – far too late.

    Unimpressed…

  • Janine says:

    Seems so so unfair on Kyprianou! 5 years jail and 6000 Euros fine! What next? Kyprianou must be wondering why he alone is being punished, and not all others involved in this Cyprus scam – ie the bank managers/so called lawyers/developers/agents! All seem to have got off scot free, even to the extent that they are being rewarded by the Troika with millions Euros! (After bonuses, probably to spend on lawyers to chase after us – the hapless victims!)

    We have already had 5 years of misery and losses of 100,000’s Euros, never mind 6000 Euros, and now threats of having to pay out 100,000’s more by selling other assets. The innocent pay, whilst the criminals act with impunity!

    Time for a bill to enforce banks to compensate us for wrecking our lives!

  • stevie R says:

    @JAMES GIBBS – I hope you mean a certain developer who has skipped the island leaving a lot of people ruined with not enough years to live to try and start again. The same developer openly admitted on UK TV that he had committed a criminal offence by altering bank drafts along with his solicitor and bank manager in favour of himself and not the company.

    He was also convicted of issuing cheques that were never honoured but was released on bail never to be seen again. This man needs to be brought back to Cyprus to face the charges instead of roaming the streets of the UK untouched.

  • Mike says:

    …”The court found Kyprianou guilty on numerous charges involving fraudulent transactions, forging documents, circulation of forged documents and theft by proxy”. And the so called penalty for all this – A 5 year sentence of which possibly 2 will be spent in goal assuming any appeal is not successful. Not a bad price to pay at all. Perhaps we need to be considering changes in career to those so obviously far more lucrative. With insignificant sentences like this for the crimes reported to have been committed the establishment is actively encouraging more of the same. As for the fine, it is laughable and an insult to the taxpayer.

  • Denton Mackrell says:

    A good result but still most puzzling (as I have commented in various channels before) as to why, of all the many others in or connected to the Cyprus property market who have been committing similar crimes, he has been subjected to proper due criminal process whereas they remain untouched.

    A cynic might surmise that maybe somehow he upset the corrupt power structure that has allowed The Cyprus Property Scandal to fester away for so many years, so they decided to cut him loose.

  • James Gibbs says:

    Just hope now a certain developer in paphos gets the same.

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